"GM, while still beset with issues, is generally executing better than investors give it credit for," said Brian Johnson, auto analyst at Barclays.

GM's top executives told Wall Street analysts in a conference call that it was able to cut costs in Europe the first quarter more than it might be able to do in subsequent quarters.

Still, GM noted that two new models are doing very well. The new Opel Mokka, a small SUV, has racked up 100,000 orders in seven months. European buyers order cars much more often than Americans, who generally buy from dealer lots.

The Opel Adam, a small hatchback, is also strong.

GM is the last Detroit automaker to report first-quarter results. Ford Motor reported a profit for the quarter of $1.6 billion, up 15.4%, driven by the best North American results in more than a decade. That overcame a loss in Europe of $462 million.

Chrysler Group reported net income of $166 million in the quarter, down 65% from a year earlier.

GM plans to shut an Opel plant at Bochum, Germany, costing 3,000 jobs by the end of 2014. Because closing a factory in Europe is very difficult, it signals how serious GM is about finding a remedy. In return, GM promised to invest $5.2 billion in new Opel models by the end of 2016.

GM is trying for European profits by 2015. If it takes that long, it would have lost money in Europe for 15 consecutive years.